As Iran Attacks, US Stocks Drop, Increased Oil Pressure – Europe Market Wrap

Stock futures sank as oil prices rebounded following strikes on major energy infrastructure in the Middle East. US fuel prices surpassed $5 per gallon for the first time since 2022.

S&P 500 contracts fell 0.2% as optimism from the previous session evaporated. Brent crude climbed toward $103 a barrel after Iran struck energy facilities around the Persian Gulf. Treasuries and the Dollar were largely unchanged.

The US-Israeli assault on Iran continues to echo in markets, with BofA’s most recent fund manager survey indicating that investors are growing negative and keeping more cash. The bank reported that its broadest indicator of market mood fell to a six-month low in March.

Nvidia gained 0.3% in early trading. Analysts were upbeat after the company indicated it aims to generate at least $1 trillion in revenue from its flagship AI chips by 2027.

Following Monday’s surge in US markets, most European and Asian indexes rose. The Stoxx 600 moved higher, poised for its first back-to-back gains since the war began.